capital is a big drag, but on the other hand, there's energy prices low. you've got a low relatively -- natural gas, you got housing, having apparently hit bottom, starting to turn, so there's a variety of things. there's a lot of money on the sidelines. >> you raised china. talk about china for a second. the united states, europe, japan, latin america, asia excluding china, every one of those regions experienced a financial and economic crisis in the last 20 years. china stands out as not having gone through such turmoil. can they continue? can they keep that up? is china the next country that we have to worry about for some kind of economic upheaval? >> i'll start. well, the short term, i think what's important for people to understand this year with the political transition is the chinese leadership has a real fear of inflation, and this goes back to 89. they were going o error on the side of being careful with food prices, higher inflation. now that they are threw that, what you start to see if they've got the resources to be able to avoid a hard landing, but the critical questio